Publicly traded company Davis Commodities to buy $12 million worth of Bitcoin

PANews reported on June 16 that according to Globenewswire, Davis Commodities Limited (Nasdaq: DTCK), a Singapore-based agricultural product trader, announced that it would allocate 40% of the $30 million in financing ($12 million) to Bitcoin reserves in stages, with an initial investment of $4.5 million. In addition, the company will use 50% of the financing ($15 million) for the tokenization of agricultural physical assets (RWA), involving commodities such as sugar and rice; the company expects the business to generate $50 million in annual revenue within two years. The remaining 10% of the funds will be used for digital infrastructure and security system construction.